The State Bank of Pakistan (SBP) has released draft Open Banking Regulations for public consultation, a move aimed at giving customers greater control over their financial data and expanding access to digital financial services across the country, the central bank announced on October 30, 2026.
What happened?
In a statement issued on Friday, the SBP said the proposed regulations are designed to foster innovation, enhance competition, and expand access to efficient, customer-centric digital financial services in Pakistan. The central bank has invited feedback from all stakeholders, with comments due by November 30, 2026.
Key details
- The draft regulations would enable secure, consent-based sharing of customers’ financial data.
- Customers could authorise business payments through approved third-party providers.
- The framework aims to digitise business-to-business and consumer-to-business payments.
- Consent-based data sharing could support stronger credit assessments and better access to financing for small and medium enterprises.
- The rules include safeguards for data protection, privacy, cybersecurity, fraud prevention, and consumer protection.
- The framework draws on international best practices and on the results of the SBP regulatory sandbox’s first open banking cohort.
What it means for people in Pakistan
For ordinary account holders, open banking could eventually mean more choice: apps and services that, with their permission, use their financial data to offer better loans, budgeting tools, and tailored products, instead of each bank holding that information in isolation. Small businesses could also benefit from easier credit assessments. The safeguards matter most — the framework only works if customers stay in control of who sees their data and can withdraw consent.
Source: https://www.thenews.pk/print/1445931-sbp-releases-draft-open-banking-regulations-for-public-consultation
